SocGen said planning to recruit in area as rivals retrench

The Financial Times reports that Société Générale is expanding its bond trading business in a move to get a stronger global foothold as most of its European banking rivals are cutting back.

The firm plans to add up to 150 staff to its 1,070-strong trading workforce in Asia and the US this year as it aims to build up its credit, rates and currencies business, people close to the situation told the newspaper.

It comes as competitors such as UBS, Credit Suisse, Barclays and Deutsche Bank are reducing staff and capital in their fixed income units in an effort to cope with falling revenues, stricter capital rules and a costly move towards electronic trading.

SocGen is said to be looking to take advantage of these withdrawals by building up a leaner technological platform, hiring staff and taking market share from rivals.